Bristol Myers Squibb (NYSE:BMY) Stock Rating Upgraded by Bank of America

Bristol Myers Squibb (NYSE:BMY) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Monday, Marketbeat.com reports. The firm presently has a $61.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $52.00. Bank of America‘s price target indicates a potential upside of 12.41% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Citigroup cut their target price on shares of Bristol Myers Squibb from $48.00 to $45.00 and set a “neutral” rating on the stock in a research note on Monday, November 17th. Wells Fargo & Company lifted their price objective on Bristol Myers Squibb from $53.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 10th. HSBC reissued a “hold” rating and issued a $53.00 target price on shares of Bristol Myers Squibb in a research report on Wednesday, December 10th. Morgan Stanley restated an “underweight” rating and set a $37.00 price target (up from $36.00) on shares of Bristol Myers Squibb in a research report on Friday. Finally, Wall Street Zen raised Bristol Myers Squibb from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 8th. Five research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $54.62.

Bristol Myers Squibb Price Performance

Shares of BMY stock opened at $54.27 on Monday. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.17 and a current ratio of 1.27. Bristol Myers Squibb has a fifty-two week low of $42.52 and a fifty-two week high of $63.33. The firm has a market cap of $110.47 billion, a P/E ratio of 18.33, a P/E/G ratio of 8.31 and a beta of 0.29. The business’s 50 day moving average price is $47.17 and its 200-day moving average price is $47.02.

Bristol Myers Squibb (NYSE:BMY) last announced its earnings results on Thursday, October 30th. The biopharmaceutical company reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.52 by $0.11. The company had revenue of $12.22 billion during the quarter, compared to the consensus estimate of $11.75 billion. Bristol Myers Squibb had a return on equity of 76.53% and a net margin of 12.57%.The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.80 earnings per share. Bristol Myers Squibb has set its FY 2025 guidance at 6.400-6.600 EPS. On average, equities research analysts anticipate that Bristol Myers Squibb will post 6.74 earnings per share for the current year.

Hedge Funds Weigh In On Bristol Myers Squibb

Several large investors have recently modified their holdings of the stock. Norges Bank purchased a new position in Bristol Myers Squibb in the second quarter worth about $1,554,154,000. Wellington Management Group LLP raised its holdings in Bristol Myers Squibb by 297.0% in the 1st quarter. Wellington Management Group LLP now owns 23,728,443 shares of the biopharmaceutical company’s stock worth $1,447,198,000 after acquiring an additional 17,750,938 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Bristol Myers Squibb by 16.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 70,802,680 shares of the biopharmaceutical company’s stock worth $3,277,456,000 after acquiring an additional 10,195,775 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Bristol Myers Squibb by 428.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 11,311,281 shares of the biopharmaceutical company’s stock valued at $523,599,000 after purchasing an additional 9,171,098 shares during the last quarter. Finally, Man Group plc increased its holdings in shares of Bristol Myers Squibb by 280.4% in the 2nd quarter. Man Group plc now owns 7,465,845 shares of the biopharmaceutical company’s stock worth $345,594,000 after purchasing an additional 5,503,391 shares in the last quarter. Hedge funds and other institutional investors own 76.41% of the company’s stock.

About Bristol Myers Squibb

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, and neuroscience diseases. The company's products include Eliquis for reduction in risk of stroke/systemic embolism in non-valvular atrial fibrillation, and for the treatment of DVT/PE; Opdivo for various anti-cancer indications, including bladder, blood, CRC, head and neck, RCC, HCC, lung, melanoma, MPM, stomach and esophageal cancer; Pomalyst/Imnovid for multiple myeloma; Orencia for active rheumatoid arthritis and psoriatic arthritis; and Sprycel for the treatment of Philadelphia chromosome-positive chronic myeloid leukemia.